BUDGET 2024-25: Key Announcements for Education Sector

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BUDGET 2024-25 Key Announcements for Education
Sector
Important Announcement of the New Budget for
Higher Education and Skill Development. The
Honble Finance Minister Smt. Nirmala Sitaraman
has made a special mention in the Budget Theme
Provision of ?1.48 lakh crore for education,
employment and skilling. This Budget talked
about the nine Priorities of the Govt. and these
also include Employment Skilling, Inclusive
Human Resource Development
and Innovation, Research Development.
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• Highlights of announcements
• Women Specific Skilling Programmes
• To increase the participation of women in the
  workforce, GoI has announced the setting up of
  Working Women Hostels and Creches. These will be
  developed in collaboration with the Industry
  Partners.
• Skilling Programme and New Course Content
• The GoI has set an impressive target of skilling
  20 lakh youth during a period of 5 years. To
  support this goal, the Govt. announced upgrading
  of 1000 ITIs under Hub and Spoke model. Govt.
  also declared outcome oriented efforts towards
  this upgradation.
• Additionally, the GoI is also looking forward to
  developing Course Content and Design in sync with
  the Industry needs.
• Skilling Loans
• The Model Skill Loans Scheme will now
  facilitate loans of up to ?7.5 Lakhs
• for skilling. These loans will be backed by the
  Guarantee of a Govt.
• Promoted Fund. With this scheme, the Govt.
  aspires to help 25,000 students every year who
  enrol in various ITIs and Skill Development
  Institutes.
• Education Loans
• These students can avail loans of up to ?10 lakhs
  for their Higher Education

in Domestic Institutions.
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• Internship and Allowance
• The Govt. shall launch a comprehensive scheme for
  providing Internship opportunities in top 500
  companies to 1 Crore youth. With this initiative,
  Govt. wants to provide 12 Months real-life
  business environment exposure to the youth.
• The Govt. shall extend an internship allowance of
  ?5,000 per month along with a one-time assistance
  of ?6,000. Companies will be expected to bear the
  training cost and 10 per cent of the internship
  cost from their CSR funds.